NIO Just Raised $3 Billion: Here's Why
Chinese electric-vehicle maker NIO (NYSE: NIO) says that its planned stock offering has closed and that its banks opted to buy extra shares over and above the original amount planned.
NIO's offering of 68 million new American depositary shares was completed on Wednesday at a price of $39 per share, raising about $2.65 billion before fees. In addition, the company said, the banks underwriting its offering -- Morgan Stanley and China International Capital Corporation -- have opted to purchase an additional 10.2 million shares at the same price; that sale will close sometime today.
Once that add-on offering is completed, NIO will have raised about $3 billion.
Source Fool.com
